Industrial Revenue Bonds

Overview

The Paola City Council may approve issuing IRBs when, in the opinion of the Council, the project being financed is reasonably expected to promote, stimulate, and develop the general economic welfare of the city. This can be accomplished through the promotion and advancement of physical and mental health, industrial, commercial, agricultural, natural resources, and recreational development in the city, and is deemed to be in the best interest of the city.

IRBs should also be used to encourage and assist in the location of new business and industry to the city, and the expansion, relocation or retention of existing business, industry, and health development, and to promote the economic stability of the city.